| Last updated on October 24th, 2023
- 24.90% Regular Purchase APR
- 29.99% Cash Advance APR
At a Glance
The Indigo Mastercard is rapidly becoming recognized as a top credit card option for applicants with less-than-perfect credit. It is a great resource for anyone who wants to establish, build, or repair their credit score. What’s more, benefits of the Indigo Mastercard include quick pre-qualification with no impact on your credit score, 24/7 mobile account access, chip card technology, and more.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Great for demonstrating responsible use of credit
- Short and easy-to-complete pre-qualification form
- 24/7 mobile account access
- Choose your card design free of charge
- Regular Purchase APR: 24.90%
- Cash Advance APR: 29.99%
- Cash Advance Transaction Fee: Either $5 or 5% of the amount of each cash advance, whichever is greater (not to exceed $100)
- Penalty APR: 29.9%
- Annual Fee: $0 to $99 depending on the card issued
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- Over Limit Penalty Fee: Up to $40
- You want to build or repair your credit score with a decent credit line
- You have a history of poor credit and have been declined by other credit card issuers
- You want a credit card whose application will not impact your credit score
- You don’t want a secured credit card or can’t afford a security deposit
- You would like to show some personality with several card designs
- You would like a tool for building credit that is accepted worldwide – anywhere Mastercard is accepted
In-Depth Review: Indigo® Mastercard®
The Indigo® Mastercard® is a credit builder credit card for those with damaged credit. The Indigo card is designed specifically for applicants with poor credit or challenging credit history – a segment of consumers often overlooked for credit products. Indigo aims to help those rejected for other cards. The card is issued by Celtic Bank through a partnership with Concora Credit Inc.
Who Can Qualify for the Indigo Platinum Mastercard?
As mentioned, the biggest selling point of the Indigo Card is the chance to establish a positive credit history with unsecured credit. Typically, this means people with a bad FICO Score (between 300 and 580) are eligible to apply. Still, serious credit blemishes, like a past bankruptcy, likely mean rejection—but not so with the Indigo Mastercard.
Concora Credit Inc., the company behind the card, welcomes those applicants with a challenging credit history – people who have declared bankruptcy. This simple fact is a great selling point for the Indigo Platinum for those looking for a fresh start but do not want a store credit card or a secured card.
Here is a quick rundown of who is eligible to apply for the Indigo Mastercard:
- United States citizens or permanent residents 18 years of age or older
- Must have a physical U.S. address and not a Post Office Box
- Valid Social Security Number (SSN)
- Must provide evidence to show income can support the minimum monthly payments on the card
- Bas credit
Quick, Online Pre-Qualification and Application Process
The application process with the Indigo Card is equally quick and easy. Like other second-chance credit cards, the Indigo Platinum Mastercard provides an online pre-qualification option. Anyone interested in the card can pre-qualify without impacting their credit score. It can take as little as 60 seconds after submitting your pre-qualification application.
Once the application has been reviewed, approved applicants must pay their annual fee to activate their account. Applicants can be approved for one of three Indigo credit card offers, depending on their creditworthiness. Each card offer has the same purchase APR, while the annual fee varies:
- First offer: An annual fee of $75 for the first year and $99 after that
- Second offer: An annual fee of $59
- Third offer: No annual fees
Remember, this is still a credit card application – although approval odds may be higher than other card offers, approval is not guaranteed. Not everyone will qualify for the lowest annual fee (or APR, as terms are subject to change).
Design Your Card
New accounts can choose their card design at no additional charge. This feature lets your personality show whenever you use your card to make a purchase. Here are a few examples of the Indigo credit card designs you can select from:
Build Credit and Advance to Better Options
Establishing a good payment record using this card may lead to the cardholder receiving better rates on upcoming big-ticket purchases, including homes and vehicles. It could even lead to an upgrade to other forms of credit, like an unsecured credit card or a card with a rewards program from Chase, Amex, Citi, or other issuers.
Boosting your score and moving on to better options is a noble goal – and possible with dedication, hard work, and plenty of financial education. Fortunately, we have more than a few credit tips and calculators to help you determine your best course of action.
That said, there are a few evergreen credit-building tips, including:
|Check your credit file||Checking your credit report is a great way to better understand your financial well-being. Checking your credit report helps you maintain an accurate credit history, protect against identity theft, and make informed financial decisions. You can ask for a free credit report from a credit-reporting agency every 12 months.|
|Keep credit utilization low||Aim to keep your credit card balances well below your credit limit. High credit card utilization, or the amount of your credit limit you actually use, can negatively impact your credit score. A general rule is to keep credit utilization below 30% of your credit limit.|
|Pay on time||Always pay your bills on time. Your payment history is a significant factor in your FICO Score and VantageScore credit scores. Always pay your bills, including credit cards, loans, and utilities, on time. Late payments can hurt your credit and may result in reduced credit limits or closed accounts.|
|Become an authorized user||Becoming an authorized user on someone else’s credit card account can help supercharge your credit growth. When you’re added as an authorized user, the card’s payment history and credit utilization are often reported on your credit report, potentially boosting your credit score if the primary cardholder manages their credit responsibly.|
|Limit new applications||Always try to avoid applying for too many credit cards in a short timeframe. Each time you apply for credit, it results in a hard inquiry on your credit report, which can temporarily lower your score. Be selective about applying for new credit and you will rpotect your credit score.|
Bad Credit Comparison
Here is how the Indigo Mastercard stacks up with a close competitor:
|Annual fee||$35 to $99 annual fee||$0 to $99 annual fee|
|Monthly reporting to credit bureaus?||Yes||Yes|
Other Indigo® Mastercard® Features
Besides helping cardholders rebuild their credit, the Indigo Mastercard will surely please you with 24/7 mobile account access and an additional layer of fraud protection via chip card technology. Thanks to the Indigo Account Management site, monitoring account activity is easy – accessible from any mobile device, desktop, or tablet. This convenient app makes it simple to pay balances on time and begin improving one’s financial status.
And since Indigo Platinum is a full Mastercard product, you’ll also enjoy a range of Mastercard purchase protections and security features. These features include:
|Zero Liability Protection||Mastercard Global Services||ID Theft Protection|
FAQs About the Indigo Mastercard
Here are some commonly asked questions about the Indigo Mastercard:
- Anyone who is interested in establishing or rebuilding their credit can apply for the Indigo Mastercard. To be pre-qualified or approved, you must:
- Must be at least 18 years old (19 in AL), have a valid social security number, physical address, and a US IP address.
- Not have had an Indigo Mastercard Account that charged off due to delinquency.
- Meet additional credit qualification criteria, including a review of your income and your debt, and identity verification requirements.
The Mastercard Benefits are an additional benefit of the Indigo Mastercard included at no additional charge. These benefits include:
- Mastercard ID Theft Protection™ – Provides thorough identity monitoring covering your social security number, email addresses, debit cards, credit cards, bank accounts, usernames and passwords for web logins, and much more.
- Zero Liability protection – When you use your Mastercard, have peace of mind knowing that you are not held responsible for unauthorized transactions.
- Yes, subject to credit approval, you can use your Indigo Mastercard for cash advances at many financial institutions.
Indigo Mastercard Ratings
How does Concora Credit Inc., the card’s servicer, stack up? Here is a selection of expert reviews for the card:
Should You Apply for the Indigo® Mastercard®?
In conclusion, having poor (or no) credit isn’t easy. But, the Indigo card is here to help anyone who needs to build, or rebuild, their credit profile. Your approval is based on your credit history. Although approval isn’t guaranteed, there is good news: If you apply for Indigo, there is no hard inquiry to your credit report unless you qualify and are approved.
In other words, you can pre-qualify and know ahead of time. And, unlike a secured card, the Indigo doesn’t require a deposit to open an account. The $300 credit limit may not seem like a lot, but it is fair, considering there is no required deposit. In this regard, the Indio is similar to the Milestone Gold Mastercard – another good option for bad credit scores.
And since your account activity is reported to each of the three major credit bureaus, cardholders who demonstrate financial responsibility will see their credit score rise until they can qualify for a different credit card offer.
All in all, for anyone who is looking for a financial tool to build their credit or improve their credit profile, the Indigo Mastercard is a great place to start. The Indigo Mastercard’s ease of use, simplicity in setting up online payments, Indigo’s pre-qualify and pre-approval, and helpful credit tools make the card more than competitive with other similar credit cards.
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